Gate (GT), the native token of GateChain – a public blockchain of the Gate.io exchange, has become the best-performing altcoin in the past 24 hours. This cryptocurrency reached a notable milestone after the price of GT increased by 10% and surpassed the $15 mark.
GT surpassing the $15 mark marks a new all-time high (ATH) for this altcoin, with its value increasing nearly 200% this year. However, the question arises whether this token can maintain its growth momentum to continue leading in the altcoin group.
GT has not yet fallen into overbought territory, and its market capitalization is approaching $2 billion.
GT's leading position among the best-performing altcoins is due to significant buying pressure. According to the daily chart, the Money Flow Index (MFI) has risen to 66.95. MFI is a technical indicator that combines price and volume data to determine overbought or oversold conditions.
Typically, an MFI above 80 signals overbought conditions, while below 20 indicates oversold conditions. However, this indicator also shows the level of buying or selling pressure around a cryptocurrency. When MFI increases, it signals buying pressure and vice versa. Therefore, the current index reflects significant buying pressure. If this pressure is maintained, the price of GT may continue to rise.
MFI index of Gate | Source: TradingView
Notably, the new price increase coinciding with the ATH of GT matches a similar trend of Bitget Token (BGB). This trend indicates that exchange-related tokens are currently in high demand in the market.
After this price increase, the market capitalization of Gate is on track to hit $2 billion. Market capitalization is calculated by multiplying the price by the circulating supply. Therefore, the 10% price increase has played a crucial role in increasing the market capitalization.
If the price continues to rise, the market capitalization of the GT altcoin could exceed $1.9 billion in the short term.
Market capitalization of Gate | Source: CoinMarketCap
GT Price Prediction: Bears exit the game.
From a technical perspective, the Bull Bear Power (BBP) index continues to rise. BBP measures the strength of buyers (bulls) against sellers (bears).
When this index is positive, bulls are in control. On the other hand, a negative BBP indicates that bears dominate. As of the time of writing, BBP stands at 3.32 – suggesting that the value of this altcoin may continue to rise.
GT 4-hour price chart | Source: TradingView
If this trend continues, the price of GT is expected to rise above $16. If the broader market situation becomes extremely optimistic, this altcoin could rise to $20. However, profit-taking could change everything, and the value may drop to $12.39.
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